DIVIDEND POLICY AS A MODERATION VARIABLE ON THE EFFECTS OF PROFITABILITY ON COMPANY VALUE: Empirical Studyon Companies in the Sminfra18 Index on the Indonesia Stock Exchange in 2018 – 2023

This study aims to examine the influence of profitability on company value with dividend policy as a moderation variable in companies listed in the SMinfra18 Index on the Indonesia Stock Exchange for the 2018-2023 period. The value of the company is plotted by Earning Per Share (EPS), the profitability is plotted by Return on Assets (ROA), and the dividend policy is plotted by Dividend Per Share (DPS). The analysis method used is moderation regression analysis with panel data. The results of the study show that profitability has a significant positive effect on the company's value. In addition, the dividend policy moderates the influence of profitability on the company's value. These findings give implications that companies with high profitability and good dividend policies can increase the value of companies, which attracts investors.